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Law Firm Productivity has Dropped 9% – Find Out How to Make Up for It Without Longer Hours

By Thomson Reuters [Sponsored] on November 13, 2017

If you feel like you’re working harder than ever, but it’s not showing up in your revenue, you’re not alone.

According to the 2017 Report on the State of the Legal Market, by the Thomson Reuters Legal Executive Institute and The Center for the Study of the Legal Profession at the Georgetown University Law Center, the average billable hours worked by all lawyers has declined from 134 hours per month in 2007 to 122 hours per month through late 2016. For lawyers charging $250 per hour, that equals $30,500 in lost revenue annually.

Don’t remedy this by tacking another hour or three to the end of your work day – that comes at too high of a price. Instead, make improvements to how you manage your firm. You need to have the right processes and tools in place to improve your effectiveness and efficiency. If you are feeling underwater or like you spend too much time at the office, this How to Manage a Small Law Firm whitepaper shares three tips to get you back on track and feel like a real lawyer again.

Cloud Computing for Lawyers

Many solo and small law firms are turning to cloud computing to get ahead, accomplish more at less cost and meet client demands. The foundation of many small law firms is built with cloud-based legal practice management software.

Building a Case for Law Practice Management, a Blue Hill Research study, found that attorneys saved up to 8 hours of non-billable work a month with practice management and in smaller firms this time savings resulted in a 100% conversion to billable time.

According to the 2017 ABA Legal Technology Survey Report about half of law firms report having a practice management solution. However, the majority report that the solution is Microsoft Outlook. A true cloud based law practice management solution, like Firm Central, offers many more benefits (these are a few highlights, not an inclusive list):

Mobility: At the courthouse and need to reference a file? Receive an urgent client question and you aren’t at the office? No problem. Cloud-based practice management provides mobile access your client and matter information anytime, anywhere so you have what you need even when you aren’t in the office.

Matter Management: Save time and headaches by organizing all of your matter information in one location. Easily manage deadlines, tasks, client files and documents and improve collaboration within the firm from a centralized, secure interface.

Automated time and billing: Improve the way you track your time and take the chaos out of month end billing. Automatically track every billable minute with built in timers, even from a smartphone, and easily generate and send detailed invoices, or run financials.

Secure client communication: Safeguard your firm data and confidential client data by communicating with clients through a built in secure, encrypted client portal. Exchange messages, documents, forms and other matter details with clients through the client portal and keep them organized in their centralized matter file.

Gain Productivity, Give More Value

Are you ready to make up for lagging productivity and still have a life? Are you ready to outshine the competition by providing clients more value in less time? Are you ready to drive more revenues? Then you owe it to yourself to at least explore integrated cloud-based practice management solutions. This ROI calculator can help you understand how much value you can get by investing in efficiency at your firm.

If you still aren’t convinced, discover more benefits of cloud computing and the daily workflow efficiencies it provides small law firms in this whitepaper: Cloud Computing for Small Law Firms.

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As a provider of software solutions to law firms, including practice management systems, it’s incumbent upon us at Thomson Reuters to bake in solutions in our products to make operating easier for the firm. Solutions such as credit card processing. So that nobody loses out on business again.